Ryt Bank Set to Launch As Malaysia’s First AI-Powered Digital Bank

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Ryt Bank, a digital banking venture backed by YTL Digital Capital Sdn Bhd and Sea Limited, is preparing to launch Malaysia’s first AI-powered digital bank. After securing its digital banking licence, Ryt Bank is set for a phased rollout.

“Banking Done Right”

Ryt Bank introduces itself as a bank built by Malaysians for Malaysians, with a mission to redefine the banking experience by harnessing the power of artificial intelligence (AI). Ryt Bank CEO Melvin Ooi states that the collaboration between YTL and Sea Limited will enable the digital bank to offer an “unequalled customer experience,” ultimately helping users to achieve their financial goals with the assistance of AI-powered technology.

At the core of Ryt Bank’s platform is its next-generation AI, which aims to streamline the banking process from fast and seamless onboarding to everyday transactions. The goal is to provide a more personalised banking experience by understanding customer behaviours, allowing Ryt Bank to offer services that are both intuitive and collaborative.

Democratising Banking for All

Ryt Bank’s main focus is to democratise banking, particularly addressing the needs of the 15% of Malaysians who are currently underbanked or underserved. By leveraging AI, the bank aims to bring accessible and inclusive banking services to all Malaysians.

The highlight of Ryt Bank is its AI-powered chatbot, Ryt AI, which functions as a private banker. Designed to assist with everyday banking tasks, Ryt AI offers a unique way to complete transactions, manage savings, and receive personalised financial advice. Through simple text prompts, users can initiate actions like fund transfers, making banking faster and more efficient than ever before.

Ryt AI also has the ability to handle attachments, such as payment request screenshots, to automate tasks like entering transaction details, saving customers valuable time.

Security, Transparency, and Trust

Ryt Bank ensures that security and transparency are central to its services. The bank promises to protect customer data with advanced encryption, multi-layer security, and real-time fraud monitoring. Additionally, biometric face-matching verification will be used to enhance security.

Ryt Bank’s digital services will also come with the Perbadanan Insurans Deposit Malaysia (PIDM) protection of up to RM250,000 for each depositor. And, true to its commitment to honesty, the bank assures customers that its services will come with no hidden fees.

Backed by YTL and Sea

Ryt Bank’s launch represents a significant milestone for the Malaysian banking industry. YTL, a prominent infrastructure company with over 70 years of experience, and Sea Limited, a global consumer internet giant, have joined forces to create this innovative digital banking platform. With this powerful backing, Ryt Bank is poised to set new standards for the future of banking in Malaysia.

The full rollout of Ryt Bank’s AI-powered services is expected to offer a glimpse into the future of banking—one that is smarter, faster, and more personalised.